Cliffco Mortgage Bankers Real Estate Outlook for Brooklyn, NY
It’s as red hot as a Coney Island hot dog. The Brooklyn real estate market is one of the most active in the country and home prices have been rising for nearly a decade since the 2008 financial crisis. The borough of churches has a bit of everything. Homes, apartment buildings, and brownstones are all available and prices are skyrocketing.
At Cliffco Mortgage Bankers we want you to know about how real estate markets are performing because we’re in the business of helping clients get real estate loans. Brooklyn has become one of the most desired places to own real estate in the area. So we want you to know the ins and outs of Brooklyn real estate and the outlook for this hot market.
Brooklyn Sets a Real Estate Records
Brooklyn home prices surged again in the second quarter of 2017. According to Douglas Elliman Real Estate, Brooklyn median sales prices jumped 20 percent from a year ago to a record $795,000. The average sales price was knocking at the door of the $1 million mark. Average prices went up 22 percent to $997,654, also a record.
Sales have been brisk, jumping 50.7 percent from the previous years, but property stayed on the market longer, with the average piece of property on the market for 93 days, up from 76 days.
Brooklyn’s been setting real estate records quite a bit lately. The second quarter of 2017 marked the third time in the past four quarters that an average sales price record has been broken, according to Douglas Elliman. It was the fourth consecutive quarter that saw a median sales price record shattered.
One of the amazing aspects of the Brooklyn Real Estate boom is that there doesn’t seem to be an end in sight.
“We don’t really know where the limit is,” said Jonathan Miller, of the appraisal firm Miller Samuel, which authored the Douglas Elliman report told Crain’s New York. “It doesn’t feel like it’s slowing down.”
According to Miller, buyers grabbed 2,845 homes in the second quarter, representing the highest volume in a decade. Available inventory fell to the lowest level in 9 years.
The Impact of the Brooklyn Boom
Miller says the Brooklyn boom is having an impact in nearby areas.
“Brooklyn is not only driving up its own numbers, it is impacting the areas around it, specifically Queens and the suburban markets,” he said.
Zillow is also bullish on Brooklyn. They say that home values have increased 11.2 percent over the past year and they’re predicting that values will rise another 5 percent within the next year.
According to Zillow, two of the hottest neighborhoods in Brooklyn, Park Slope, and Prospect Lefferts Gardens have median values just a shade over the $1 million mark. Homes in the rising neighborhood of Bedford-Stuyvesant now have a median value of $819,400.
Cliffco Mortgage Bankers Can Help You Buy in Brooklyn
If you’re looking to take part in the Brooklyn Real Estate boom, Cliffco Mortgage Bankers can help. We can let you know about your mortgage options and give you information about other loans that might make buying Brooklyn real estate possible for you. Contact Cliffco Mortgage Bankers today.